SGX RegCo sets three-year limit for suspended companies to resolve concerns

[SINGAPORE] Singapore Exchange Regulation (SGX RegCo) will set a three-year limit for suspended issuers to resolve concerns or face delisting, the bourse regulator said in a press release on Friday (May 22).

SGX RegCo said that the move reinforces market discipline, while giving investors clearer expectations on outcomes.

The regulator previously made changes to its trading suspension approach in October 2025, when it said it would limit suspensions to cases with clear evidence of going concern issues.

It noted that it is working towards keeping trading suspension to a minimum necessary, while giving more certainty to the timeline for delisting.

“Data on long-suspended issuers shows that those with high likelihood of a positive outcome can achieve substantive resolution within three years,” it said in its press release.

For issuers that have been suspended longer than three years, the regulator will require them to show “substantive progress” on restructuring or resolving existing issues, while providing concrete plans to resume trading.

It added that such resolutions could include the reaching of settlement terms with creditors, or restructuring the company’s operations.

The time limit of three years, it said, is to allow for restructurings that could unlock value for shareholders. “Evaluation of these proposals will consider effort towards and progress in meeting milestones, certainty of plans and the interest of shareholders.”

If the regulator is not satisfied that these plans are progressing with sufficient urgency, it will take steps to delist the issuer.

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Long-suspended issuers

Also on Friday, SGX RegCo released a report listing issuers whose shares have been suspended for 12 months or more, with 39 such companies named.

The report showed that one long-suspended company had resumed trading while two companies had been delisted in the second half of 2025. Meanwhile, three companies were added to the long-suspended list.

Tan Boon Gin, chief executive officer of SGX RegCo, said that the regulator has been working to reduce the number of long-suspended issuers over the years and is working to reduce it even further.

“Public markets serve to facilitate price discovery and liquidity,” he added. “A trading suspension undermines this fundamental principle.”